{ "docId": "019dd923-622c-750b-8b9d-701a1b1e61b1", "docSlug": "fbbd859563e5", "documentTitle": "Huntsman Corporation (HUN)", "authorId": "03_Starboard_Value", "authorName": null, "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2022-03-08 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 87, "pageCount": 90, "prevPage": 86, "nextPage": 88, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses quotes to establish a baseline for peer comparison, likely to contrast with current management behavior or valuation.", "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/87", "deckHref": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1", "deckJsonHref": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-87", "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "callout", "text": "Examples of Management References to Celanese, Dow, Eastman as Huntsman's Main Comparables", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "13441221-2507-427e-a688-ccaf78b64401", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "quote", "text": "I think if anything, perhaps we've been looked at as a large TiO2 company with a bunch of other chemicals off to the side. I think that when you look at the quality of our business, particularly in those non-TiO2, we believe that we deserve a multiple that would be akin to a Celanese, an Eastman, a Dow Chemical, some of our traditional peers.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "157d2690-d6e6-43cc-921d-f0b8c9a322ed", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "quote", "text": "Well, listen, I think you're going to see our valuations and a rerating of our multiple move up without this volatility. I think actually, in a funny way, you're going to see rerating of multiples for TiO2. We're concentrating at 1 or 2 turns higher than Huntsman is. And Huntsman pure play comps like Celanese, Eastman, Dow are 1.5 turns higher than we are. I think you're going to see multiple expansion on both sides.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3b291327-5a3f-4035-9d1d-0205cdcfe8c8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "quote", "text": "We think we look at it and awful lot like a Dow and Eastman and the Celanese and I'd encourage you to look at the quality of the business as you heard today relative to their portfolio.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e375a5ab-5afe-4025-9c59-577b4ae71f47", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings and transcripts. Note: Quotes are underlined and bolded for emphasis.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a8fd0c45-e025-469d-81c1-06d6a822f20b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "subtitle", "text": "Over the years, on multiple occasions, management has also referred to Celanese, Dow, and Eastman as the most comparable companies to Huntsman.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bad9ab0b-2ec7-4689-8c5b-ac539e39e851", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "title", "text": "Management has historically referred to Celanese, Dow, and Eastman as its primary peers.", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8b55a6a0-a777-458f-b4a8-8b144cf96f0a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Management Has Made Reference to the Primary Peers as Being Most Comparable to Huntsman on Multiple Occasions", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5a1f6bc5-92a0-4076-afe4-b9f4317e7145", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "agent": null, "layer": "slide", "matchId": "621de525-4227-4241-8214-e0beb8689b9d", "evidence": "Management Has Made Reference to the Primary Peers as Being Most Comparable to Huntsman on Multiple Occasions, including quotes from management", "confidence": 0.8 } ], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "3c7413e1-3a80-45ed-acc6-3387da321af7", "evidence": "Uses executive quotes to establish peer group credibility", "confidence": 0.9 } ], "arcBeats": [ { "to": 90, "from": 83, "beatId": "f519c92b-dd33-49ef-8a0f-f00c8ebd16d0", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The New Order", "beatSlug": "overcoming-monster-the-new-order", "evidence": "The document concludes by emphasizing the need for change and accountability at Huntsman.", "position": 4, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }